Angstrom Automotive Group LLC entered into letter of Intent to acquire Aluminum Products business of Park-Ohio Holdings Corp. (NasdaqGS:PKOH) for $45 million on December 30, 2022. In connection with the MOU, Park-Ohio Holdings also entered into a financing arrangement with the third party pursuant to which Park-Ohio Holdings received a portion of the estimated purchase price of the Aluminum Products business, including $20 million of cash and a promissory note in the principal amount of $25 million. The Company used the $20 million from this financing arrangement to repay indebtedness under its revolving credit facility. If a definitive purchase agreement between the parties is not entered into or the sale is not successfully consummated, the promissory note will be cancelled and the Company will repay the third party $20 million, less a $750,000 break-up fee. The sale of the Aluminum Products business is subject to the successful completion of a definitive purchase agreement and other customary conditions. As of November 2, 2023, Park-Ohio Holdings expect to finalize the sale of the Aluminum Products business in the next twelve months.

Angstrom Automotive Group LLC completed the acquisition of Aluminum Products business from Park-Ohio Holdings Corp. (NasdaqGS:PKOH) on December 29, 2023. Sale proceeds will be used to repay a portion of the Company?s outstanding indebtedness, consist of a cash down payment of $20 million paid to the Company in December 2022; cash of $15.5 million paid to the Company at closing; and promissory notes totaling $15 million payable to the Company on December 31, 2024, of which $10 million is contingent on attaining certain revenue milestones during 2024. Angle Advisors, LLC acted as a exclusive financial advisor to Park-Ohio Holdings Corp. (NasdaqGS:PKOH).